Life insurance is most under-appreciated type of insurance coverage. Everyone needs it, but they hesitate to buy for three reasons:
- Cost
- Medical exams
- The often-lengthy application process
But the industry is evolving rapidly, making greater use of technology. That shift is minimizing the impact of all three of those points of resistance. One of the best examples of a cost-efficient, streamlined life insurance product is offered by Bestow. The application process takes place entirely online, and they offer specialized policies that can help meet the life insurance needs of most consumers.
If you’ve been putting off buying life insurance – or buying more life insurance – because of cost, complication, and the prospect of a medical exam, you need to check out Bestow. The application process will be quick and the policies surprisingly affordable.
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Who Is Bestow?
Bestow is an online company offering term life insurance policies with no medical examination required.
Families with young children typically have the greatest need for life insurance. But they often lack the budget flexibility to afford it. Term life provides an opportunity to purchase an adequate amount of coverage at a reasonable premium rate.
This is the niche Bestow fills – affordable term life insurance policies.
Bestow has a Better Business Bureau rating of “A” (on a scale of A+ to F). The company has an online platform with policies issued by North American Company for Life and Health Insurance® and also backed by Munich RE, which are two of the largest insurance companies in the country.
North American Company has an “A+ Superior” (second highest of 15 rating categories) from A.M. Best. Munich RE is similarly rated “A+ Superior” by A.M. Best, indicating Bestow is backed by insurance companies with financial strength.
How Bestow Works
If the last time you applied for life insurance involved sitting down with an insurance agent for two hours, filling out paperwork, undergoing a medical exam, followed by days of waiting for approval, you’ll be pleasantly surprised by the application process with Bestow.
The entire application process is done online, in the privacy of your home or office. The application itself is much shorter than traditional paper applications. You’ll provide basic personal information, and answer some health and lifestyle related questions.
Bestow is able to reduce the information collected from you because they take advantage of big data and technology to gather the information that was once required to be provided by the applicant. They use an algorithm that analyzes information available from third-party databases, such as the MIB.
Because it is a technology driven process, your approval can often be had in a matter of minutes. And once again, no medical exam will be required.
Your approval will give you the premium rate. You’ll then be able to choose both the amount and the term of the policy you want. You can make the initial premium using a credit card, Apple Pay, or Google Pay.
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Bestow Products
All together Bestow offers three different types of term life insurance policies:
Two-year term: This is a short-term policy designed specifically for those looking for temporary coverage. It’s an option for anyone who is in a transition phase, such as in between jobs, changing careers, or launching a business. It’s available in face amounts of between $50,000 and $500,000. To apply, you must be between the ages of 21 and 54.
10-year term: An excellent choice for anyone who needs coverage for an intermediate term. That could include taking a policy while you pay off a large loan, or for a family with teenagers that won’t need as much coverage in a few years. Policy amounts range from $50,000 to $1 million, and you must be between the ages of 21 and 54 to apply.
20-year term: We feel that a 20-year policy will be the best choice for most applicants, since it’s long enough to cover what will be for most people the time of the greatest need for life insurance. For example, if you have young children, they’ll likely be done with school and grown in 20 years. At that point, you may not need as much life insurance coverage. Policies are available in amounts ranging from $50,000 to $1 million, and you must be between 21 and 45 to apply.
One factor to be aware of with Bestow policies is that they aren’t automatically renewable. At the end of the term, you’ll need to reapply for coverage if you’re still eligible based on your age and health status.
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Bestow Features & Benefits
Type of life insurance offered: Term life insurance policies.
Availability: 49 states (New York is the exception).
Maximum policy amounts: 2-year term policies to $500,000, and 10-year and 20-year terms up to $1 million.
Minimum policy amounts: $50,000 on all policy terms.
Policy terms available: 2-years, 10-years and 20-years.
Medical exam requirement: Not required.
Age limits: 21 to 54 years old for 2-year and 10-year terms, and 21 to 45 years old for 20-year terms.
Health exclusions: Heart disease, stroke, cancer (except basal and squamous cell skin cancer), organ transplant, diabetes before 40 (except gestational diabetes), alcohol or drug abuse, HIV, or kidney disease requiring dialysis. Other exclusions may apply.
Customer service: Phone, live chat and email. Advice from licensed insurance agents.
How to Apply with Bestow
To qualify for a Bestow policy, you must meet the following requirements:
- Be a US citizens and resident.
- Employed full-time, or be a homemaker or student.
- Be in generally good health.
You’ll start the process by getting a quote. You can do that by completing the six questions as shown on the Quote screenshot below:
If you choose to go ahead with the application, you’ll need to provide the following information:
- Your name, email, home address, and Social Security number.
- Citizenship (must be US).
- Medical history, lifestyle and hobbies.
- A list of the beneficiaries on the policy.
- Payment details, including your credit card information.
Once your information has been submitted, and you meet the qualifications for a policy, your approval will arrive in a matter of minutes.
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Bestow Pros & Cons
Pros:
- Low cost term life insurance for up to $1 million.
- Approval within minutes.
- No medical exam required.
- The 2-year term policy offers temporary coverage for those who are between jobs or careers, or shopping for a longer-term policy.
- Availability of licensed life insurance agents for assistance.
- Agents are not paid on commission, so you won’t get a high-pressure sales pitch, or upselling of additional policy provisions.
Cons:
- Policies are generally for younger applicants in good health.
- Limited policy types and terms.
- No medical exam policies can be more expensive than fully underwritten policies.
- Not available to applicants in New York.
- Policies are not automatically renewable.
Should You Get Coverage Through Bestow?
Bestow is an excellent choice to obtain coverage if you are in good or excellent health, and under age 54. They offer easy applications – completed entirely online – with fast approvals, low monthly premiums, and no medical exam requirement.
Even many people who are in excellent health feel uncomfortable submitting to a medical exam. If that describes you, Bestow is certainly an option.
But the specialization with younger, healthier applicants means Bestow isn’t recommended for older applicants, or those with chronic health conditions. At least that’s the situation right now – the company claims it plans to add additional policy types in the future.
It’s also not a recommended option if you are looking for permanent life insurance, like whole life or universal life.
In addition, many people become effectively self-insured as they accumulate assets throughout life. For example, if you’ve saved several hundred thousand dollars by the time you reach your 50s, you might not need life insurance anymore.
But if you’re under 55 and in excellent health, you owe it to yourself to check out a policy with Bestow. The combination of the easy application, no medical exam, fast approval, and low monthly premiums is a hard combination to beat.
If you’d like more information, or you want to apply for a policy, visit the
Bestow Company website.